What does Families First Coronavirus Response Act Mean to You ?
The Families First Coronavirus Response Act or FFCRA that related to pandemic Cornavirus or Covid-19 , provides tax and other reliefs for individuals, self-employed and businesses.Earlier the Govt. provided Coronavirus relief for payment of 2019 tax due .The FFCRA provides temporary relief through December 31, 2020, to eligible employees affected by the Coronavirus pandemic as it imposes various leave requirements on employers having less than 500 employees. So , here is a summary of the help , the Families First Coronavirus Response Act tries to address
Individual Taxpayers
Those employees who are affected by Coronavirus (COVID-19) will get paid sick and emergency sick leave.The benefits will be as under
- You may be able to take 12 weeks job-protected leave under FMLA.
- You may receive two weeks paid sick leave at full pay and two-thirds pay to care for a family member or child in case you are required to be quarantined.
Self-Employed and Small Businesses relief
The eligible self-employed and small business owners may get following relief under the Families First Coronavirus Response First Act :
- Self-Employed person may be eligible for a refundable tax credit equivalent to a qualified sick leave amount paid to employees. You may also be eligible for a refundable tax credit equal to 100 percent of a qualified family leave equivalent amount paid for eligible self-employed individuals.
- Small Business who paid sick leave wages to your employees , may be eligible for a refundable tax credit equal to 100 percent of qualified sick leave paid.
- Small Businesses that paid qualified family leave wages to employees, you may be eligible for a refundable tax credit equal to 100 percent of qualified family leave wages paid.
Read a detailed legal analysis on FFCRA
